Matrix Service Company: $1.1bn Backlog & Tank EPC Leader 2026

Matrix Service Company (Nasdaq: MTRX) is one of North America’s most active engineering and construction contractors for storage tanks, terminals, and energy infrastructure. The Tulsa, Oklahoma-headquartered company is guiding for fiscal year 2026 revenue of $875-$925 million — representing 14-20% year-on-year growth — supported by a backlog of $1.1 billion as of December 31, 2025. With no outstanding debt and liquidity of $257.6 million, Matrix enters the second half of its fiscal year with a strong balance sheet and an improving gross margin trajectory as large projects move into peak execution phase.

Matrix Service Company Overview

Founded in 1984 in Tulsa, Oklahoma, Matrix Service Company has grown from a regional industrial contractor into a significant North American EPC and maintenance firm serving energy storage, terminals, and industrial markets. The company operates through three reporting segments: Storage and Terminal Solutions — the core tank and terminal construction business; Utility and Power Infrastructure — covering natural gas peak shavers, LNG distribution systems, and power delivery work; and Process and Industrial Facilities — covering refinery maintenance, turnarounds, and industrial process plant construction.

Matrix operates through its primary subsidiaries: Matrix Service Inc. for field construction; Matrix PDM Engineering for engineering, design, and project management; and Matrix NAC for specialty industrial construction. This integrated model — engineering and construction under one company — gives Matrix the ability to self-perform complex tank and terminal projects from FEED through to mechanical completion without reliance on subcontracted engineering, which improves schedule control and cost certainty for clients.

Storage and Terminal Solutions: The Core Business

Matrix’s Storage and Terminal Solutions segment is the business most directly relevant to the oil and gas storage sector — designing, fabricating, and constructing aboveground welded steel storage tanks, terminals, and associated infrastructure. The segment produced a book-to-bill ratio of 1.2x in Q1 fiscal 2026 — the strongest of Matrix’s three segments — reflecting active demand from terminal operators, pipeline companies, and LNG infrastructure developers.

Matrix builds the full range of tank types covered by API 650 and related standards: large-diameter floating roof tanks for crude oil and refined products, fixed roof tanks for petrochemicals and industrial liquids, and cryogenic and low-temperature tanks for LNG, LPG, and liquid ammonia storage. In LNG, Matrix has delivered peak shaving storage facilities, LNG truck loading and unloading terminals, and distribution infrastructure across North America — a market growing steadily as utilities and industrial operators adopt LNG as a backup fuel and transport fuel.

Notable client relationships include work for Phillips 66, Kinder Morgan, and Enbridge across their terminal and storage networks — operators whose assets are regularly featured across the content on this site. The broader tank terminal market Matrix serves is covered in our global tank terminals guide.

Utility and Power Infrastructure: Growing Segment

Matrix’s Utility and Power Infrastructure segment covers natural gas peak shaving facilities, LNG distribution systems, power delivery infrastructure, and gas processing work. This segment grew 33% year-on-year in Q1 fiscal 2026 to $74.5 million, driven by higher volumes of power delivery and natural gas peak shaving project work.

Peak shaving — the construction and maintenance of small-scale LNG storage facilities that utilities use to supplement pipeline gas supply during demand peaks — is a growing market as gas utility operators invest in supply security. Matrix’s combination of LNG cryogenic tank expertise and field construction capability positions it well in this segment, which overlaps naturally with its storage tank heritage. The LNG distribution and peak shaving infrastructure Matrix builds feeds into the broader energy storage picture covered in our 2026 LNG storage infrastructure analysis.

Financial Position and FY2026 Outlook

Matrix Service Company uses a fiscal year ending June 30. Fiscal year 2025 (ended June 30, 2025) closed with a backlog of $1.4 billion and full-year revenue growth guidance for FY2026 of 14-20% to the $875-$925 million range. Through the first half of FY2026 (July-December 2025), the company delivered revenue of approximately $422 million — putting it on track for full-year guidance.

Gross margin improved to 9.6% in Q2 FY2026 from 5.6% in the prior year period — a 400 basis point improvement reflecting better overhead absorption as large multi-year projects move into peak construction activity. The company holds no debt, with liquidity of $257.6 million at December 31, 2025, providing capacity to pursue larger EPC opportunities as they emerge. This financial profile — growing revenue, improving margins, no debt — distinguishes Matrix from some of the larger but more leveraged EPC contractors in the North American market.

Matrix in the North American Tank EPC Market

Matrix competes in the North American tank and terminal construction market alongside CB&I, Tarsco (TF Warren), Kiewit, Caldwell Tanks, and specialist regional contractors. CB&I holds the dominant position in large full-containment LNG tanks; Matrix’s competitive strength lies in field-erected welded steel tanks across the full range of API-standard construction, particularly where integrated engineering and construction management capability is valued alongside raw construction execution.

Matrix is a consistent presence at NISTM — the National Institute for Storage Tank Management — as a key sponsor and participant, reflecting its standing in the aboveground storage tank professional community. The full competitive landscape for North American tank and terminal EPC contractors is covered in our guide to the top 10 tank and terminal EPC companies in North America.

Matrix Service Company Snapshot